In Washington, two key Republican members of the U.S. House of Representatives declared that Congress is ready to issue a subpoena to NVIDIA CEO Jensen Huang. While no details were provided about the scope or timeline of the investigation, this is enough to keep the "regulatory boot" hanging over NVIDIA's head; on the other end of the chain, a trader has just deposited approximately $4.5 million USDC into the decentralized derivatives platform Hyperliquid, taking a long position on NVDA worth about $5.67 million with approximately 2x leverage. This account has a history of cumulative losses of around $4.37 million, including a loss of approximately $2.71 million incurred when closing a position on Zhizhu about 22 days ago, yet has chosen to continue heavily betting on NVIDIA despite rising political risks. Almost simultaneously, there were rumors that Anthropic might stop renting computing power from SpaceX. Musk responded that he would "gladly take back the computing power," but judged that the actual situation might be exactly the opposite. In this series of interconnected signals, Congress's probing, on-chain gambling, and tensions over computing power collaborations are interwoven within the same timeframe, bringing together the political, market, and industrial gambits surrounding NVIDIA in AI and computing power narratives to confront one another at the same table.

Subpoenas Approaching: Washington Aims at NVIDIA

At the same time traders on-chain continued to bet on NVDA, Washington raised another gun. According to a single source, two key Republican members of the U.S. House of Representatives publicly stated that Congress is "prepared" to issue a subpoena to NVIDIA CEO Jensen Huang. Even if this remains at the verbal level, such public pressure signifies that NVIDIA has officially been included on Congress's scrutiny list, changing its status from a "discussed company" to a "company that could be called to testify at any time."

Recently, the U.S. Congress has frequently summoned executives of large tech companies regarding topics such as AI, the chip supply chain, and platform monopolies. In this political atmosphere, any subpoena signals directed at core computing power providers can easily be interpreted by the market as an additional policy variable, suppressing sentiment towards NVIDIA. However, public information is extremely limited: the congress members did not disclose the specific scope of the subpoena, legal basis, nor provide a formal timeline for delivery, nor did they reveal any constraints that might be directly applied to NVIDIA's business. The only thing that can be confirmed for investors and industry participants is that Washington has started to keep a close eye on NVIDIA, but whether this scrutiny will lead to technical regulation, industrial security, or broader political statements remains full of uncertainty.

$4.5 Million on-chain Bet on NVDA: Crypto Trader Takes Action

At almost the same time Washington's rhetoric intensifies, a trader chose to respond with a completely opposite answer on-chain. According to a single source, this trader deposited about $4.5 million USDC as collateral on the decentralized derivatives platform Hyperliquid and then directly opened a long position on NVIDIA (NVDA) with about 2x leverage, with a notional value of approximately $5.67 million. The direction was clear and decisive — only going long, without hedging. Hyperliquid allows users to use cryptocurrencies like USDC as margin for trading a variety of contract targets, including NVDA, so this position is essentially equivalent to a directional vote on NVIDIA's stock price amplified on-chain.

What’s more noteworthy is that this is not a “never lost” perfect account. According to a single source, this trader’s account has a history of cumulative losses of about $4.37 million, including a loss of approximately $2.71 million incurred about 22 days ago when closing a related long position on Zhizhu on the same platform. In other words, he chose to continue heavily betting on NVDA with high leverage in the decentralized derivatives market despite having already experienced significant drawdowns and the rising potential for subpoenas and political uncertainties surrounding NVIDIA. This behavior, on one hand, highlights extreme individual risk preferences; on the other hand, it draws a clear trajectory on-chain: decentralized derivatives platforms are being utilized by some funds as a new channel to express their position on traditional tech stocks and computing power narratives, and this NVDA long position serves as an on-chain public statement of attitude.

Why the Address with $4.37 Million in Loss Still Dares to Bet on NVIDIA

According to AiCoin data, this address has a historical cumulative loss of around $4.37 million on Hyperliquid, including a single loss of approximately $2.71 million from the Zhizhu long position about 22 days ago, indicating that it was not “testing the waters” but rather continuously bearing significant drawdowns. Nevertheless, it deposited another $4.5 million USDC recently and opened a long position on NVDA with a notional value of approximately $5.67 million with about 2x leverage, making its betting direction almost an “all in” type of unilateral wager. The leverage itself is not extreme, but when layered on top of previous losses, this continued increase after its net worth has been continuously diminished reflects a certain numbness to drawdowns and an extreme tolerance for volatility.

From a motivational perspective, only a few hypotheses can be proposed, and these cannot be verified on-chain. First, it could simply be a pure high-frequency speculator viewing the previous heavy position in Zhizhu and now the long position in NVDA as continuing chips in the same “AI narrative casino”; second, it is possible that they hold positions in the opposite direction in traditional brokerage or OTC markets, with this on-chain long position serving merely as one of the hedging tools, though no off-chain information supports this inference; third, it could be a relative insensitivity to regulatory and political risks, believing that the threats of subpoenas from Washington are more noise than substance. At this point where Congress is applying scrutiny and NVIDIA is situated at the intersection of political and industrial winds, this address, which has lost $4.37 million yet continues to leverage, seems to be using an openly traceable position to bet on the belief that "the AI leader will not be easily shaken."

Change in Computing Power Rental? The Game Between Musk and Anthropic

Almost at the same time that the NVDA betting emerged on-chain, there was also a signal of disruption from the supply side of computing power — according to market news, Anthropic may stop renting computing resources from SpaceX, but specific sources and contract terms have not been disclosed externally. In response to this rumor, SpaceX CEO Elon Musk publicly stated that if the other party truly stops using it, he is "happy to take back the computing power," but immediately added that he believes the actual situation "is likely the opposite," seemingly hinting to the outside world that the collaboration may not shrink as rumored.

This back-and-forth statement itself is an unstable footnote of the current AI computing power relationship. On one hand, Musk emphasizes being "happy to take back," positioning himself as dominant in the supply of computing power; on the other hand, he judges the outcome to likely be "the opposite," which implicitly acknowledges the continuous demand for computing power from leading AI model companies, making it difficult to easily sever the collaboration. For Anthropic, which heavily relies on NVIDIA GPUs, choices such as with whom to collaborate and how much additional computing power to rent at which junction essentially factor into a long-term calculation revolving around NVIDIA's supply capabilities. The bargaining, combinations, and fluctuations between computing power suppliers and model firms may not be directly visible in NVDA's on-chain positions but are quietly altering the power structure of future computing power allocations. This structural variable is the key external constraint to whether the NVIDIA narrative can be sustained.

Congressional Turmoil and On-chain Gambling: Observation Points for AI Market

Looking at the timeline, the recent emergence of three clues — Congress’s statement that they are prepared to issue a subpoena to Huang, the hefty long position on NVDA taken on Hyperliquid with approximately 2x leverage, and the rumors about Anthropic continuing to rent SpaceX computing power alongside Musk’s response of being "happy to take back computing power but believing the actual situation may be the opposite" — collectively sketch a high-uncertainty interval: political scrutiny is intensifying, industrial collaborations in computing power are being tested and adjusted, while on-chain traders are choosing to increase bets on the side of NVIDIA and the AI main narrative. Before the boundaries of regulation, whether the congressional investigation materializes, and the arrangements of major computing power collaborations are clarified, such high-risk on-chain positions appear more like a bet on the belief that "NVIDIA can withstand the turmoil and the AI computing power narrative will not be easily rewritten," rather than a rational pricing based on established rules; the truly noteworthy variables to observe going forward are whether Congress will turn the "prepared" subpoenas into actual documents, whether this address with a significant history of losses on Hyperliquid will continue to stubbornly hold or be forced to adjust holdings, and whether any public and substantive adjustments will occur in the computing power collaboration between Anthropic and SpaceX.

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